Snapdeal shares made a disappointing market debut, listing at ₹28.32 on the NSE with an 11.5% discount to the IPO price of ₹32. According to reports from ET Now, the stock also listed at ₹28.30 on the BSE, representing a 11.56% discount to the issue price. This weak listing performance caught Dalal Street off guard despite the company's strong subscription numbers, as the market had expected a listing premium based on the grey market premium of ₹1.
The Snapdeal IPO was subscribed 4.93 times in total, receiving 36.61 crore bids against 7.42 crore shares on offer. As reported by ET Now, the Qualified Institutional Buyers (QIBs) booked the issue at 3.38 times, while Non-Institutional Investors (NIIs) subscribed to it at 8.16 times. The Retail Individual Investors (RIIs) segment was booked at 4.62 times. The IPO bidding was conducted from September 25 to September 29, with allotment finalized on September 30.
According to expert analysis, Snapdeal has demonstrated growth in key metrics but faces challenges in revenue generation. The marketplace revenue rose to ₹293.7 crore in FY26 from ₹249.9 crore in FY25, while net merchandise value (NMV) increased 25.7% to ₹1,093.1 crore from ₹869.6 crore in FY25. However, the gap between NMV and revenue remains significant, with marketplace revenue representing only 26.9% of NMV in FY26, down from 28.7% in FY25. Marketplace marketing and business promotion expenses climbed to ₹84.4 crore in FY26 from ₹63.2 crore in FY25.
As reported by experts tracking the consumer internet sector, Snapdeal operates an asset-light marketplace model where sellers own and list products while Snapdeal facilitates discovery, transactions and associated services. The company earns revenue through seller-related marketplace fees, advertising and marketing services, freight and collection fees, and charges for return shipments. While this structure limits inventory requirements, it leaves the company dependent on transaction volumes and seller participation. The company's scale remains modest compared to larger ecommerce platforms, especially Meesho, despite growing its customer base of value-conscious shoppers.
